The longtime chief executive officer of a conglomerate that operates a hotel-casino on the north Las Vegas Strip is stepping down.
The longtime chief executive officer of Genting Berhad, the Malaysia-based conglomerate that operates Resorts World hotel-casino, is stepping down.
KT Lim, who has served as Genting Berhad’s CEO and chairman since 2003, is resigning from those roles effective March 1, the company announced Thursday. The 73-year-old Lim will remain with the company as executive chairman of its board of directors.
Lim will be replaced by KH Tan, who has served as Genting Berhad’s president and chief operating officer for 18 years. In 2020, Tan added the title of executive director to his resume.
According to a news release, Tan will continue to serve as the company’s president and executive director, in addition to his new responsibilities as CEO, but will no longer be COO.
“On behalf of the board, I would like to congratulate (Tan) on his promotion and new appointment,” Lim said in the news release, adding that Tan “is now stepping into the CEO role as part of a multi-year succession plan.”
Lim is the son of the late GT Lim, founder of the Genting Group, which today consists of five distinct business entities that comprise Genting Berhad. Lim’s son, KH Lim, was named deputy CEO of Genting Berhad in 2019. The younger Lim will assume the role of CEO of Genting Plantations on March 1, a position held by Tan until his most-recent appointment.
According to documents filed with the Malaysia stock exchange, Tan has no ties to current directors or existing major shareholders, which include the company’s founding family.
Genting owns the only casino license in Malaysia, which was granted to the company in 1969. Today, Genting operates casinos and resorts in international locales such as Singapore, the U.K. and the Bahamas, and domestically in cities such as Las Vegas, New York and Miami.
Resorts World Las Vegas, a $4.3 billion property at the north Strip, opened in June 2021. At the opening celebrations, Lim said he was already planning on expanding the property since Resorts World only took up about half of 88 available acres.
There has been no expansion of Resorts World Las Vegas in the nearly four years since, although the property’s recently appointed CEO suggested the unused land could be part of the new leadership team’s growth strategy.
In August, the Nevada Gaming Control Board filed a 12-count complaint against Resorts World and Genting Berhad, alleging a series of anti-money laundering compliance failures. The naming of a new CEO and a newly created board of directors are among the steps being taken by the Las Vegas operation as it awaits adjudication of the charges by the Nevada Gaming Commission.
